“Like any other goal, the first thing to consider is how important buying gifts during the holidays is to you,” said Filip Telibasa, CFP, owner and planner at Benzina Wealth.

If it’s part of your core beliefs and values, he said to think about how much money you’ll need to cover gifts.

“From there, you can set up a separate high yield savings account specifically for this goal, six months or more in advance and schedule automatic transfers to it around the date(s) of your direct deposit,” he said. “This way, it is out of sight and mind.”

It might be tempting but don’t touch that money before you’re ready to start shopping.

“When the holidays come around, you have the money available to buy all your gifts without digging into credit cards or any other form of high interest debt,” he said.